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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MNI Europe Pi (Positioning Indicator): Bund/Gilt Longs Emerge
MNI Europe Pi (Positioning Indicator): Bund/Gilt Longs Emerge
EXECUTIVE SUMMARY:
- A week after the Eurex roll concluded, EGB contracts were showing mostly flat with some long structural positioning.
- The more dovish-than-expected Fed meeting on Dec 13 helped spark drive long setting and short cover across all contracts, in spite of less dovish messages from the ECB and BoE.
Full PDF Analysis:
- GERMANY: Three of the four German contracts are in flat structural positioning. This marks a change from pre-roll for Schatz (was short from mid-Oct-late Nov), but Bobl and Buxl have been flat for some time. The standout here is Bund which has moved to "very long" structural positioning from merely "long" pre-rolls. The most recent week of trade was indicative of long-setting in Bund and Buxl, with short covering in Schatz and Bobl.
- OAT: OAT has fluctuated between flat and short structural positioning since October - and is back at flat (vs short pre-roll) presently. Longs were set last week.
- GILT: Gilt structural positioning has moved to decisively long for the first time since mid-August. Longs were set last week. BTP structural positioning remains flat, with some short cover in evidence in the most recent week of trade.
- BTP: Gilt structural positioning has moved to decisively long for the first time since mid-August. Longs were set last week. BTP structural positioning remains flat, with some short cover in evidence in the most recent week of trade.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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